House values are rising but NI sellers need to be realistic on price

By Lauren Burns

The Northern Ireland property market is at something of a cross-roads as property prices and buyer interest are increasing, but a lack of houses for sale is preventing any significant growth in activity.

Many property owners in Northern Ireland still find themselves in negative equity and simply cannot afford to sell their house and pay off the mortgage they took out during the property boom. However, a search of any of the popular property websites will show that there are houses available, many of which have been marketed for sale for some time. Estate agents in Northern Ireland are advising property sellers to do their homework on values, and to get realistic on prices.

The difficulty for many sellers will be putting the news articles and statistics about increasing property prices to one side, and appreciating that while things have improved in Northern Ireland, it is currently a buyers' market. House values are 45.1 per cent below their peak levels during the property boom, so many sellers still have to make that adjustment to their perception of what their house is worth.

Northern Ireland estate agents are widely positive about the current state of the property market, suggesting that houses that are priced realistically can be agreed for sale within a month or two.

If you are buying, selling or remortgaging a house in Northern Ireland, and need a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

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